Prepared for the 2013 G20 Summit in Saint Petersburg, this joint OECD-WTO-UNCTAD report analyses the functioning of global value chains and their relationship with trade and investment flows, development and jobs.

Global value chains (GVCs) have become a dominant feature of world trade and investment, offering new prospects for growth, development and jobs, according to a new joint report by the Organization for Economic Cooperation and Development (OECD), the World Trade Organization (WTO) and the United Nations Conference on Trade and Development (UNCTAD).

Trade and investment are a key source of growth and an area where the G20 can be credited with important achievements, such as the standstill and the rejection of protectionism. Further trade liberalisation can be a powerful, timely, non-debt stimulus to the world economy, said OECD Secretary-General.

Merchandise trade growth increased in the major economies during the first quarter of 2013. Compared to the fourth quarter of 2012, the value of merchandise imports and exports for the total of G7 and BRICS countries increased by 1.3% and 2.8%, respectively.

Governments intervene in non-renewable natural resources sectors more than in many others, including through the use of export taxes and quotas. This paper aims to increase understanding of the economic effects of export restrictions, in particular as they apply to the mining sector.